[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3301 Engrossed in House (EH)]

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119th CONGRESS
  1st Session
                                H. R. 3301

_______________________________________________________________________

                                 AN ACT


 
    To amend the Securities Exchange Act of 1934 to specify certain 
   registration statement contents for emerging growth companies, to 
     permit issuers to file draft registration statements with the 
  Securities and Exchange Commission for confidential review, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Encouraging Local Emerging Ventures 
and Economic Growth Act of 2025'' or the ``ELEVATE Act of 2025''.

SEC. 2. REGISTRATION STATEMENTS.

    Section 12(b) of the Securities Exchange Act of 1934 (15 U.S.C. 
78l(b)) is amended--
            (1) in paragraph (1)(K), by striking ``years,'' and 
        inserting ``years (or, in the case of an emerging growth 
        company, not more than the two preceding years),''; and
            (2) by adding at the end the following:
``Any issuer may confidentially submit to the Commission a draft 
registration statement for confidential nonpublic review by the staff 
of the Commission prior to public filing, provided that the initial 
confidential submission and all amendments thereto shall be publicly 
filed with the Commission not later than 10 days before listing on a 
national securities exchange. Notwithstanding any other provision of 
this title, the Commission shall not be compelled to disclose any 
information provided to or obtained by the Commission pursuant to this 
subsection. For purposes of section 552 of title 5, this subsection 
shall be considered a statute described in subsection (b)(3)(B) of such 
section 552. Information described in or obtained pursuant to this 
subsection shall be deemed to constitute confidential information for 
purposes of section 24.''.

            Passed the House of Representatives June 23, 2025.

            Attest:

                                                                 Clerk.
119th CONGRESS

  1st Session

                               H. R. 3301

_______________________________________________________________________

                                 AN ACT

    To amend the Securities Exchange Act of 1934 to specify certain 
   registration statement contents for emerging growth companies, to 
     permit issuers to file draft registration statements with the 
  Securities and Exchange Commission for confidential review, and for 
                            other purposes.